The inventory value for the financial statements of Q for the year ended 31 December 20X4 was based on an inventory count on 4 January 20X5, which gave a total inventory value of $836,200. Between 31 December and 4 January 20X5, the following transactions took place: $ Purchases of goods 8,600 Sales of goods (profit margin 30% on sales) 14,000 Goods returned by Q to supplier 700 What adjusted figure should be included in the financial statements for inventories at 31 December 20X4?
The inventory value for the financial statements of Q for the year ended 31 December 20X4 was based on an inventory count on 4 January 20X5, which gave a total inventory value of $836,200. Between 31 December and 4 January 20X5, the following transactions took place: $ Purchases of goods 8,600 Sales of goods (profit margin 30% on sales) 14,000 Goods returned by Q to supplier 700 What adjusted figure should be included in the financial statements for inventories at 31 December 20X4?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The inventory value for the financial statements of Q for the year ended 31 December 20X4 was based
on an inventory count on 4 January 20X5, which gave a total inventory value of $836,200.
Between 31 December and 4 January 20X5, the following transactions took place:
$
Purchases of goods 8,600
Sales of goods (profit margin 30% on sales) 14,000
Goods returned by Q to supplier 700
What adjusted figure should be included in the financial statements for inventories at 31 December
20X4?
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